Ryan Specialty completes Castel Underwriting acquisition

International specialty insurance firm, Ryan Specialty has completed the acquisition of Castel Underwriting Agencies Limited, a Managing General Underwriting (MGU) platform, from Arch Financial Holdings (UK) Limited and minority shareholders.

Headquartered in London and founded in 2014, Castel consists of thirteen MGUs, each having expertise in a specific product niche. The firm has additional offices in the Netherlands, Belgium and Singapore.

The firm had previously announced the signing of the definitive agreement in December 2023. Terms of the transaction were not disclosed.

Ryan Specialty noted that the breadth of Castel’s offerings and its geographic concentration in the UK and Europe add “significant capabilities” to its managing general underwriter portfolio.

Commenting on the acquisition of Castel, Miles Wuller, President and CEO of Ryan Specialty Underwriting Managers, stated: “We are excited to have the exceptional underwriting talent and executive leadership at Castel join the Ryan Specialty family.

“Castel brings new products and facilities that expand our offerings to our clients and trading partners.”

Ryan Specialty also announced the appointment of an “enhanced leadership team for Ryan Specialty Underwriting Managers International.

This includes Mark Birrell, Chairman and CEO (most recently CEO of Castel), Carin Verhagen, General Counsel (in addition to her responsibilities as General Counsel at Ryan Specialty International), and Roland Hill, Chief Operating Officer (most recently CFO of Castel).

“This leadership team will help accelerate our de novo formations within this region. We are very much looking forward to working with this incredible team,” Wuller noted.

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